EXHIBIT 10.1
Xxxxxxxx Stores Inc.
0000 Xxxxxxx Xxxx
Xxxxxxx, Xxxxxxxx 00000
dated as of May 22, 2002
Fleet Retail Finance Inc.
00 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Attn: Xxxxx X. Xxxx
RE: XXXXXXXX STORES INC., ET AL.
Ladies and Gentlemen:
Reference is made to the Debtor in Possession Loan and Security
Agreement, dated as of January 30, 2002 (as amended and in effect from time to
time, the "Loan and Security Agreement"), among (a) Xxxxxxxx Stores Inc.,
Xxxxxxxx Credit Corp. and Xxxxxxxx Stores Realty Company, debtors and
debtors-in-possession (collectively, the "Company") and (b) Fleet Retail Finance
Inc. ("Fleet") and the other lenders party thereto (the "Lenders") and (c) Fleet
as the Administrative Agent, the Documentation Agent and the Collateral Agent
for the Lenders. Capitalized terms used herein and not otherwise defined shall
have the meaning ascribed to such terms in the Loan and Security Agreement.
In accordance with Section 6:6-8 of the Loan and Security Agreement,
attached is a copy of the Officer's Compliance Certificate of the Company for
the fiscal period ended April 6, 2002. Please note that with respect to the
Company's compliance with Section 6:6-12 of the Loan and Security Agreement for
such period, actual expenditures with respect to the line items listed below
exceeded the amounts permitted pursuant to Section 6:6-12 of the Loan and
Security Agreement (the "Excess Amounts"), as set forth below:
Line Item Amount Permitted Excess Amounts
Pursuant to ss.6:6-12
Vendor Payments $17,666,000 $1,632,000
By your signature below, please indicate your consent to waive the
requirements of Section 6:6-12 with respect to the Excess Amounts shown above
for such line item for the fiscal period ended April 6, 2002. Such consent shall
apply solely with respect to the matters expressly set forth in the foregoing
paragraph and the Loan and Security Agreement and the other Loan Documents shall
otherwise remain in full force and effect.
-2-
If you agree to and accept the foregoing, please so indicate by signing
and returning to the Company and the Administrative Agent a counterpart of this
letter, whereupon this letter shall take effect as a binding agreement to be
governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts.
XXXXXXXX STORES INC.
By /s/ Xxxx X. Xxxxxxxxx
---------------------------------
Print Name: Xxxx X. Xxxxxxxxx
------------------------
Title: Vice President - Controller
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XXXXXXXX CREDIT CORP.
By /s/ Xxxx X. Xxxxxxxxx
---------------------------------
Print Name: Xxxx X. Xxxxxxxxx
------------------------
Title: Vice President - Controller
-----------------------------
XXXXXXXX STORES REALTY COMPANY
By /s/ Xxxx X. Xxxxxxxxx
---------------------------------
Print Name: Xxxx X. Xxxxxxxxx
------------------------
Title: Vice President - Controller
-----------------------------
-3-
AGREED AND CONSENTED TO:
FLEET RETAIL FINANCE INC.
By /s/ Xxxxx X. Xxxx
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Print Name: Xxxxx X. Xxxx
---------------------
Title: Director
FOOTHILL CAPITAL CORPORATION
By /s/ Xxxxxx Xxxxx
------------------------------
Print Name: Xxxxxx Xxxxx
---------------------
Title: Vice President
--------------------------
XXXXXX FINANCIAL, INC.
By /s/W. Xxxxxx XxXxxxxxx
------------------------------
Print Name: W. Xxxxxx XxXxxxxxx
---------------------
Title: Duly Authorized Signatory
--------------------------
STANDARD FEDERAL BANK N.A.
(f/k/a Michigan National Bank)
By /s/Xxxxxxx Xxxxxxxxx
------------------------------
Print Name: Xxxxxxx Xxxxxxxxx
---------------------
Title: Vice President
--------------------------
-4-
ORIX FINANCIAL SERVICES, INC.
By /s/ Xxxx X. Xxxxxx
------------------------------
Print Name: Xxxx X. Xxxxxx
----------------------
Title: Vice President
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THE PROVIDENT BANK
By /s/ Xxxx X. Xxxxxxxxxxxxx
-------------------------------
Print Name: Xxxx X. Xxxxxxxxxxxxx
---------------------
Title: Vice President
--------------------------
IBJ WHITEHALL BUSINESS CREDIT CORPORATION
By /s/ Xxxxx Kaspek
--------------------------------
Print Name: Xxxxx Kaspek
----------------------
Title: Vice President
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COMERICA BANK
By /s/ Xxxx X. Xxxxxxxxx
--------------------------------
Print Name: Xxxx X. Xxxxxxxxx
----------------------
Title: Account Officer
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